# Portfolio overlap — ANDIX vs CIL

Comparing **AQR International Defensive Style Fund** (2026-03-31) and **VictoryShares International Volatility Wtd ETF** (2025-12-31).

- Shared positions: 163
- AQR International Defensive Style Fund covered by VictoryShares International Volatility Wtd ETF: 0.2902104078241323422252207426
- VictoryShares International Volatility Wtd ETF covered by AQR International Defensive Style Fund: 0.2902104078241323422252207426

## AQR International Defensive Style Fund — top positions

| Security | Weight | Shared |
|----------|--------|--------|
| TELSTRA GROUP LT | 0.016104 | ✓ |
| SHELL PLC | 0.015689 | ✓ |
| IBERDROLA SA | 0.015539 | ✓ |
| HOYA CORP | 0.015505 | ✓ |
| KONINKLIJKE AHOL | 0.015210 | ✓ |
| POWER ASSETS | 0.015208 | ✓ |
| CAN NATL RAILWAY | 0.014774 | ✓ |
| WESFARMERS LTD | 0.013863 | ✓ |
| INDITEX SA | 0.013653 | ✓ |
| LOBLAW COS LTD | 0.013501 | ✓ |
| INPEX CORP | 0.013400 | ✓ |
| DASSAULT AVIATION SA | 0.013309 |  |
| UNITED OVERSEAS | 0.012941 | ✓ |
| IMPERIAL BRANDS | 0.012770 | ✓ |
| SWISSCOM AG-REG | 0.012767 | ✓ |
| JAPAN TOBACCO | 0.012233 | ✓ |
| INTACT FINL CORP | 0.012122 | ✓ |
| REA GROUP LTD COMMON STOCK | 0.012003 | ✓ |
| Hermes International SCA | 0.011952 | ✓ |
| ASTRAZENECA PLC | 0.011948 | ✓ |
| BRITISH AMERICAN TOBACCO PLC | 0.011928 | ✓ |
| L'OREAL SA ORD | 0.011745 | ✓ |
| BEIERSDORF AG | 0.011193 | ✓ |
| SAP SE | 0.011111 | ✓ |
| OBIC COMPANY LTD | 0.011043 | ✓ |
| ZURICH INSURANCE | 0.010713 | ✓ |
| CAN NATURAL RES | 0.010451 | ✓ |
| SUNCOR ENERGY INC | 0.010364 | ✓ |
| ROYAL BANK OF CANADA | 0.010151 | ✓ |
| ROCHE HOLDING AG | 0.010029 |  |
| ARISTOCRAT LEISURE LTD COMMON STOCK | 0.009920 | ✓ |
| WHEATON PRECIOUS METALS CORP | 0.009885 | ✓ |
| ROLLS-ROYCE HOLDINGS PLC | 0.009862 | ✓ |
| OCBC BANK | 0.009824 | ✓ |
| CANADIAN PACIFIC KANSAS CITY LTD | 0.009651 | ✓ |
| DBS GROUP HLDGS | 0.009569 | ✓ |
| ORKLA ASA | 0.009261 |  |
| BAE SYSTEMS PLC | 0.009235 | ✓ |
| SHK PPT | 0.008984 | ✓ |
| CHUGAI PHARMA CO | 0.008953 | ✓ |
| COCA-COLA HBC AG | 0.008834 | ✓ |
| DANONE SA | 0.008727 | ✓ |
| HYDRO ONE LTD | 0.008449 | ✓ |
| EQUINOR ASA | 0.008303 | ✓ |
| AUTOTRADER GROUP | 0.008297 |  |
| ARGENX SE | 0.008283 | ✓ |
| TREND MICRO INC | 0.008070 |  |
| RECRUIT HOLDINGS | 0.008006 | ✓ |
| METRO INC/CN | 0.007953 | ✓ |
| ADVANTEST CORP | 0.007513 | ✓ |

## VictoryShares International Volatility Wtd ETF — top positions

| Security | Weight | Shared |
|----------|--------|--------|
| MONEYMKT | 0.006166 |  |
| Invesco Government & Agency Portfolio, Institutional Class | 0.006166 |  |
| HSBC US GOVT MMKT-I | 0.006166 |  |
| MSILF-GOVT-INS | 0.006166 |  |
| CLP HOLDINGS LTD COMMON STOCK | 0.004494 |  |
| TELSTRA GROUP LT | 0.003913 | ✓ |
| TORONTO-DOMINION BANK | 0.003896 |  |
| BANK OF NOVA SCO | 0.003751 |  |
| EMERA INC | 0.003665 |  |
| CAN IMPL BK COMM | 0.003627 |  |
| HYDRO ONE LTD | 0.003592 | ✓ |
| FORTIS INC | 0.003525 | ✓ |
| POWER CORP CDA | 0.003499 |  |
| TELUS CORP | 0.003469 |  |
| HONG KONG & CHINA GAS COMMON STOCK | 0.003348 |  |
| SWISSCOM AG-REG | 0.003348 | ✓ |
| ROYAL BANK OF CANADA | 0.003271 | ✓ |
| NATL BK CANADA | 0.003263 |  |
| KIRIN HOLDINGS C | 0.003204 |  |
| ENGIE | 0.003163 | ✓ |
| RWE AG | 0.003156 | ✓ |
| FERROVIAL SE | 0.003151 |  |
| JAPAN TOBACCO | 0.003135 | ✓ |
| IBERDROLA SA | 0.003124 | ✓ |
| ORANGE | 0.003102 | ✓ |
| SNAM SPA | 0.003071 |  |
| WILMAR INTERNATI | 0.003058 |  |
| MTR CORPORATION LTD | 0.003057 |  |
| TELIA CO AB | 0.003045 | ✓ |
| HANG SENG BANK | 0.003035 |  |
| POSTE ITALIANE | 0.003024 |  |
| BOUYGUES SA | 0.003001 | ✓ |
| RIO TINTO PLC | 0.003000 |  |
| BANK OF MONTREAL | 0.002975 | ✓ |
| TERNA-RETE ELETT | 0.002965 |  |
| POWER ASSETS | 0.002953 | ✓ |
| ENEL SPA | 0.002947 |  |
| ENDESA | 0.002943 | ✓ |
| OCBC BANK | 0.002921 | ✓ |
| KPN (KONIN) NV | 0.002915 | ✓ |
| LOBLAW COS LTD | 0.002900 | ✓ |
| GREAT-WEST LIFEC | 0.002900 |  |
| SAMPO OYJ-A SHS | 0.002880 |  |
| Kone OYJ, Class B | 0.002878 | ✓ |
| NN GROUP | 0.002862 |  |
| SWISS LIFE H AG | 0.002841 |  |
| SSE PLC | 0.002832 |  |
| DANONE SA | 0.002821 | ✓ |
| ENBRIDGE INC | 0.002811 | ✓ |
| ROCHE HOLDINGS AG (GENUSSCHEINE) | 0.002808 |  |


## Sources

- N-PORT (fund A) — accession `0002071691-26-010935` (as of 2026-03-31)
  <https://www.sec.gov/Archives/edgar/data/1444822/000207169126010935/0002071691-26-010935-index.htm>
- N-PORT (fund B) — accession `0001004726-26-001301` (as of 2025-12-31)
  <https://www.sec.gov/Archives/edgar/data/1547580/000100472626001301/0001004726-26-001301-index.htm>

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